Mel Stride, chair of the Treasury Select Committee, has put the FCA's bonus scheme into question and also raised concerns over the watchdog's recent fee hike proposal for financial services firms.
"Your November fee proposals contain a significant uplift for firms' minimum fees," said Stride. "It's quite a hike, certainly in proportional terms." He also highlighted the increase in minimum fees from £1,151 to £2,200 and asked whether the hike would "significantly" affect smaller firms under the FCA's surveillance "given they have got a lot of burdens from a lot of directions, let alone fees". FCA chief executive Nikhil Rathi argued that the fee increase was necessary for the FCA to carry out its supervision. "We signalled in our fee proposal last year a move towards a more...
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